Gold Wavers With Anxiety High Ahead of Crucial Fed Meeting
- Bullion took out a technical support that held for two years
- Fed expected to raise rates at least 75 basis points next week
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Gold edged higher after plunging to the lowest in more than two years as the precious metal wavers ahead of a Federal Reserve meeting that will be pivotal.
Bullion had hovered above $1,700 an ounce for most of September, but plummeted Thursday after breaking through a technical support that has held since 2020. US data pointed to robust retail sales and a strong labor market, raising expectations of more aggressive action by the Fed as it tries to cool inflation.